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September 30, 2011

Depreciation in case of Idle assets , assets not put to use

Deprecation in case of idle assets and Assets not put to use for any reason whatsoever like strike, natural clamity, shut down etc

Opinion  December 28, 1984

The Committee notes the following opinion of the Company Law Board on the matter which has also been referred to by the querist

“Since according to accepted accounting principles, depreciation also arises out of efflux of time, it would be necessary for the purpose of section 205 to provide for depreciation even in respect of assets which are not in use during any financial year”

The Committee also notes that it has been decided by courts in certain cases  that as soon as an item of asset is installed and is ready for use, depreciation can be provided even though the said asset is not actually used for the whole or part of the relevant financial year.

Depreciation can be avoided on assets not yet installed. 

However in Income Tax if If there is a discontinuance of business or stoppage of business, depreciation is not allowable (Oriental Coal co. Ltd. reported in 206 ITR 682 (Cal) ) But nothing prevent s from the company in charging the depreciation in books.

Other Issues
Explanation 5 to section 32(1) of the ITA where it is said that the provisions of this section shall apply whether or not the depreciation is claimed by the assessee.

ITD trying to Nab high value transactions

AIR list, which currently comprises eight items. 

  • Cash deposits of Rs 10 lakh and above
  • Credit card bills of Rs 2 lakh and above
  • Mutual fund investment of Rs 2 lakh and above
  • Purchase of bonds/ debentures worth Rs 5 lakh and above
  • Purchase of stocks worth Rs 1 lakh and above
  • Purchase of immovable property worth Rs 30 lakh and more
  • Sale of immovable property worth Rs 30 lakh and above
  • Purchase of RBI bonds worth Rs 5 lakh and above
 Likely to be added to the list

Secondary market transactions of Rs 10 lakh or more in a year,
Insurance premium of above Rs 1 lakh, 
Debit card payments above Rs 2 lakh,
Fixed deposits and recurring deposits of over Rs 10 lakh each, 
and Cash deposits of Rs 20 lakh in current account.

Bad days ahead for Big 4

The Big Four global auditors could be broken up, leaving them susceptible to takeovers if radical European Union plans to boost competition go ahead, a UK auditing official said on Tuesday. 

EU Internal Market Commissioner Michel Barnier is due to publish a draft law in November to curb what he sees as a conflict of interest when auditors check the books and supply lucrative consultancy services to the same customer. 

Auditors, KPMG, Ernst & Young, Deloitte and PwC, check the books of nearly all big companies in the world. A copy of Barnier's draft law seen by Reuters proposes that auditors be banned from offering consultancy services to the companies they audit, or even banned from consulting altogether - a move that could force the firms to split their operations. 

Breaking up the Big Four audit firms would make them more susceptible to be taken over by emerging Chinese firms, a UK audit official said on Tuesday on condition of anonymity due to the sensitivities involved. 

Barnier has trailed his plans for a year and the industry had hoped they would be watered down by the time he formally proposes them in November. To reinforce independence and professional scepticism, the prohibition of the provision of non-audit services to the audited entities and even the prohibition of the provision of non-audit services in general would effectively address this issue, the draft said. 

Better audits and more informative audit reports will enhance confidence in the markets while also informing stakeholders of any problems with regards to any particular entity, the draft added. The European Parliament, which will have the final say with EU states, gave the plans its broad backing this month. 

Auditing industry officials estimate that 28-30 % of global revenues come from statutory audits, with about 18% from non-audit services provided to the same audit client. This means that about half of total revenues is earned from providing consultancy services to clients which are not being audited as well. 

Barnier has chosen to legislate in the form of a regulation, which will be directly binding on EU states, giving no room for local discretion. Britain, as home to the Big Four's European base, is likely to oppose some of Barnier's more radical proposals though its Office of Fair Trading said in July a full blown competition probe into the sector is warranted. Accounting officials say such a probe would become redundant if pro-competition elements in Barnier's draft make it onto the statute book. 

September 29, 2011

Attitude of Girls

 Who is a Girl?

Ans: Girl is the one who b4 going out gets...
*Hair curling/pressing,



puts on
*Body toner,
*Body lotion,
*Eye liner,
*Eye shadow,
*Eye maskara,
*Face powder,
*Nail paint,
*Nail shadow,


Says: "Yaar jald-baazi me kuch kiya hi nhi aise hi uth kr aa gayi"

Unpaid Cheque

Section 138

Where any cheque drawn by a person on an account maintained by him with a banker for payment of any amount of money to another person from out of that account for the discharge, in whole or in part, of any debt or other liability, is returned by the bank unpaid, either because of the amount of money standing to the credit of that account is insufficient to honour the cheque or that it exceeds the amount arranged to be paid from that account by an agreement made with that bank, such person shall be deemed to have committed an offence and shall without prejudice to any other provisions of this Act, be punished with imprisonment for ["a term which may extend to two year"], or with fine which may extend to twice the amount of the cheque, or with both:

Provided that nothing contained in this section shall apply unless-

(a) The cheque has been presented to the bank within a period of six months from the date on which it is drawn or within the period of its validity, whichever is earlier.

(b) The payee or the holder induce course of the cheque, as the case may be, makes a demand for the payment of the said amount of money by giving a notice, in writing, to the drawer, of the cheque, ["within thirty days"] of the receipt of information by him from the bank regarding the return of the cheques as unpaid, and

(c) The drawer of such cheque fails to make the payment of the said amount of money to the payee or, as the case may be, to the holder in due course of the cheque, within fifteen days of the receipt of the said notice.
Explanation: For the purpose of this section, "debt or other liability" means a legally enforceable debt or other liability


(5) The provisions of Chapter XVII of the Negotiable Instruments Act, 1881(26 of 1881) shall apply to the dishonour of electronic funds transfer to the extent the circumstances admit.
For the purposes of this section, "debt or other liability" means a legally enforceable debt or other liability, as the case may be.

The Supreme Court has ruled that criminal proceedings for issuing a cheque without sufficient balance in the account would be valid only if it is drawn for discharging a debt or liability. If it is issued to satisfy the terms of a compromise or settlement, Section 138 of the Negotiable Instruments Act could not be used to proceed against the drawer of the cheque. The payee or the holder in due course (Receiver) should have issued a notice in writing to the drawer (Who issued the cheque) with in thirty days of the receipt of information by him from the bank regarding the return of cheque as unpaid.

 After the receipt of the said notice the drawer should pay the cheque amount with in fifteen days of the receipt of the said notice.

On non-payment of the amount due on dishonoured cheque within fifteen days of the receipt of notice by the drawer, the complaint should have been filed within one month from the date of expiry of grace time of fifteen days, before a Metropolitan Magistrate not below the rank of a Judicial Magistrate of the First Class. The cognizance of a complaint may be taken by the court after the prescribed period, if the complaint satisfies the court that he had sufficient case for not making complaint within such period.

The Offence under this act is compoundable

In ILR 2000 Kar. 1570 (DR. K.G. RAMACHANDRA GUPTHA VS. DR. G. ADI NARAYAN) it has been held by the Hon’ble High Court that there is a presumption U/s. 139 of the N.I. Act that cheques have been issued towards discharge of an antecedent liability and it is for the accused to rebut the said presumption by adducing evidence and the burden is not on the complainant to prove that the cheques in question have been issued towards discharge of a debt or other liability

Mata Brhamcharini

Maa Brahmacharini is the second manifestation of Maa Durga who is worshippied on the second day of Navratri. Here word “Brahm” refers to “Tapa”. So Brahmcharini means Tapa Charini – The one who perform Tapa or penance. It is Said that the “Vedas”, “Tatva” & “Tapa” are synonyms of word “Brahm”. The form of Brahmacharini is tremendously effulgent and extremely majestic.
Maa Brahmacharini - The Second Manifestation of Maa Durga
She holds a rosary in her right hand and Kamandalu in her left. SHE personifies love and loyalty. Mata Bhramacharni is store-house of knowledge and wisdom. Rudraksha is HER most adorned ornament. When she was incarnated as the daughter of Himalaya, then influenced by the instructions of Devrishi Narada, she practiced very hard penances in order to obtain Lord Shiva as her divine consort. Due to her unearthly penances she was termed as Brahmacharini. She spent one thousand years, only on fruits and beet-roots. One hundred years she spent only by eating leafy vegetables. For a sufficient perfiod of time observing complete fast she suffered tormenting of nature like torrential rains and scorching sun and biting cold, under the open sky. After such a difficult routine she lived only on dry Bilva pattaras (leaves) fallen on the ground for three thousand years. She kept her engrossed for twenty-four hours in worshiping Lord Shiva. After that she gave up eating even these dry leaves. For several thousand years she went on without any food and water. Because she gave up eating dry Bilva leaves so she was known to be Aparna as one of her epithets.
After the hardship of penance for several thousand years her body became extremely lean and thin. She was reduced to skeleton only. Her penance, sharpened as it was, caused great disturbance in all the three worlds. The whole universe was shaken. The Gods, the Rishis, the Siddhas, the Munis all eulogized her penance as an unprecedented virtuous action. Ultimately Lord Brahma through an oracle addressed her and said to her in a very pleasant manner-O Goddess, so far nobody has ever practiced such an austere penance. Only you could have done it. This wonderful deed is being praised in all the four quarters. Your desire would be fulfilled. You will decidedly get Lord Shiva as your divine consort. Now stop your penance and go home. Your father would be shortly coming to take you back.
Brahmacharini Durga is capable of providing unending benefits. By worshiping her the person inculcates penancing, renouncing, dispassion, ethical conduct and restraint in himself. Even in the most critical periods of struggle the mind remains unshaken and he does not deviate from the path of duty. By the grace of mother Brahmacharini he gets success and victory always and everywhere. On the second day of Navratri Durga Pooja it is the Brahmacharini aspect of mother Goddess Durga that is worshipped. This way the mind of the striver moving upward is established in Swadhisthana Chakra. The Yogi, who makes his mind stay in this Chakra gets the devotion and blessings of the Goddess.


दधना करपद्याभ्यांक्षमालाकमण्डलू।

देवीप्रसीदतु मयी ब्रह्मचारिण्यनुत्तमा॥

जप विधि

- सर्वप्रथम स्नान आदि नित्य कर्म से निवृत्त होकर साफ वस्त्र पहनें।

- इसके बाद अपने माता-पिता, गुरु, इष्ट व कुल देवता को नमन कर आसन ग्रहण करें।

- घी का दीपक जलाएं। मंत्र जप शुरु करने से पहले दुर्गा मां की प्रसन्न मुद्रा का ध्यान करें।

- जप करते समय सामने दुर्गा मां का चित्र अवश्य रखें इसके बाद मंत्र का जाप करें।

September 27, 2011

Employer Employee relationship

Employer Employee relationship

Employees’ Provident Funds Scheme, 1952
Mandatory for basic pay <10,000 and minimum employee more than 20.
Who all are covered under EPF, 1952
Those who are covered/opted under the scheme.
Mandatory for basic pay <7500
The Payment of Gratuity Act, 1972 applies to factories and other establishments employing ten or more persons. On completion of five years’ service, the employees are entitled to payment of gratuity @15 days wages for every completed year of service or part thereof in excess of six months subject to a maximum of Rs.3.50 lakh.

September 26, 2011

Ayurvedic Medicine for Cancer

(a) Brain Cancer - Ayurvedic Herbs
–Mandukaparni (Bacopa monerea)
-Kastoori Bhairav Rasa with combination of divya herbs.
(b) Oropharyngeal Cancers - Ayurveda Herbs
– Kasamarda (cassia oxidentalis)
-Mahalaxmi vilas Rasa

(c) Lung Cancers - Ayurveda Herbs
- Pippali (Piper longum)
-Hirak Rasayan

(d) Stomach Cancers - Ayurveda Herbs
– Shatavari (Asparagus resimosus)
-Amlaki (Philanthus amblica)
-Banga Bhasma
-Amaltas (Casia fistula)
-Bhoy-Amli (Philanthus nurare)
-Sarphunkha (Tephrosia purpura)

(e) Intestinal Cancers - Ayurveda Herbs
-Shigru (Moringa olifera)
-Panchamrut purpti

(f) Female Genital Cancers - Ayurvedic Herbs
-Ashoka (Seraka Ashoka)
-Vaikranta Bhasma

(g) Mail Genital Cancers - Ayurveda herbs
-Triphala (Three myrobelans)

(h) Liver Cancers - Ayurveda Herbs

(i) Blood Cancer - Ayurveda Herbs
-Anantmula (Hermidesmus indicus)
-Suvarna Vasant Malti Rasa

(j) Bone Cancers - Ayurveda Herbs
-Aabha Gugglu
-Madhu Malini Vasant Rasa

(k) Breast Cancers - Ayurvedic Herbs

(l) Skin Cancers - Ayurveda Herbs
-Manjishtha (Rubia cordifolia)
-Samira Panaga Rasa
-Kaishore Gugglu
-Gandhak Rasayan

(2) Drugs of Ayurveda According to the general condition of the patient
-Sutashekhar rasa
-Punarnava Mandura
-Aarogya Vardhini
-Avipattikar Churna
-Kamadhugdha Rasa
-Swarna Gairika
-Laghu Vasant Malti
-Hirak Bhasma

(3) Drugs pf Ayurveda according to the Agni of the patient
-Swarna Makshika Bhasma
-Shivakshara Pachan Churna
-Chitrakadi Vati
-Trifala Churna
-Panchskhar Churna

(4) Drugs of Ayurveda used in all cancers
-Kanchnara Gugglu
-Kaishore Gugglu
-Bhallatak Phalmajja Churna
-Trifala Gugglu
-Tribang Bhasma
-Shilajatu Vati
-Aabha Gugglu
-Laksha Gugglu

(5) Drugs of Ayurveda according to Nadi

-Vishtinduka for Vatta Nadi
-Katuki for Pitta Nadi
-Bhallatak for Kapha Nadi
-Combination of above for dvidosha Nadi
-All three for Tridosh Nadi

(6) Decoctions of Ayurveda for purification of body cells
Prescribed to all patients. One, two or more from the following

-Varunadi Kwath
-Panchvalkal Kwath
-Manjishthadi Kwath
-Dashmula Kwath
-Varunadi Kwath
-Kanchnar Kwath

(7) Drugs of Ayurveda for symptomatic relief

-All Gugglu preparations for pain relief, and tumor reducing.
-Gandhak Rasayan for infections
-Bilva, Mayurpichha, Tankan, sphatika for loose motions and vomiting
-Shigru, Chitrakadi vati for pain in the abdomen
-Rohitaka, Shamaka yoga for pain in pancreas and renal colic.
-Shirashooladi vajra rasa, for headaches
-Beejapuraka and trikatu in jaundice
-Vasa+Goat milk in bleeding
-Aabha+Madhumandura in bone pain

(8) DARF methodology to reduce the side effects of chemotherapy

Some of the most common side effects of chemotherapy
-Mucositis- in the form of mouth ulcers, vomiting, loose motions etc.
-Phlebitis-In the form of skin discolouration with veins paining
-Leukopenia-In the form of low w.b.c. counts with increased chances of infection.
-Hair loss

Therapies three days prior to chemotherapy-
-Sadhya Snehan-One teaspoon cow ghee+one teaspoon salt, mixed and consumed at morning, empty stomach with hot water.
-Manjishthadi Kwath and Kanchnar Gugglu. During chemotherapy, coriander leaves juice frshly prepared about 20 to 30 gms, twice a day.

Treatment during Radiotherapy
-Sadhya snehan + Matra basti for three days
-A piece of tamarind to be kept in mouth during R.T. is advised in mouth and throat cancers.
-A vaginal tampon of Erand oil is applied daily in vaginal cervical and rectal cancers.
-A mrudu virechan –Mild laxative is always advised during R.T, except in vaginal and cervical cancers.
-Symptomatic treatment as per the situation is offered.


And search aforesaid medicine name.... You will get parallel Common names

Due date for filling of ROC returns

1.  Holding of Agm
Within 6 months from the date upto which financial statements are prepared. i.e for on 31st March, AGM Should be held on or before 30th Sept.
Every officer of the company who is in default, shall be punishable with fine
which may extend to five thousand rupees and in the case of a continuing default, with a further fine which may extend to two hundred and fifty rupees for every day after the first during which such default continues.
(As per Sec 168)
2.  Filing of annual audited financial statements
Within 30 days from the date of AGM as per Sec 220 (1)
Fine of Rs.500/- for every day as per Sec 220 (3) which in turn refers to 162 (1).
3.  Filing of annual return to RoC
Within 60 days from the date of AGM as per Sec 159 (1)
Fine of Rs.500/- for every day as per Sec 162 (1)
4. Compliance certificate
Every company not required to employ a whole-time secretary and having a paid-up share capital of ten lakh rupees or more shall file with the Registrar a certificate from a secretary in whole-time
practice u/s 383 A
Within 30 days from the date of AGM
Fine of Rs. 500 for every day during which the default continues as per sec 383A(1A)

Further in addition to above :-
General Circular No: 4/2010
22nd November 2010
In partial modification of earlier circular 14/3/87-CL-V Voll-III dated 23.01.1995 the following table shall be applicable for additional fees to be levied for delay in filing forms other than form 5: 
Period of Delay
Fixed Rate of additional fees
Upto 30 days
Two times of normal fees
More than 30 days and upto 60 days
Four times of normal fees
More than 60 days and upto 90 days
Six times of normal filing fees
More than 90 days
Nine times of Normal filing fees
 The above table shall be applicable from 05-12-2010

The additional fees are payable over and above the normal filing fees.
Period of delay
Rate of Additional Fees*
Up to one year
2% of filing fees per month or part thereof of delay

Exceeding one year
2.5% of filing fees per month or part thereof of delay